BANK OF MAHARASHTRA- LOAN ON RENEWABLE ENERGY EQUIPMENTS

Objective:To promote adoption of renewable energy practices and use of Solar Home Systems.

Purpose:To install renewable energy equipments viz. Solar Energy

1. Solar Home Systems
2. Solar Water Pumps with photo voltaic cells
3. Equipments run on Photo voltaic Cells

Bio Energy

1. Biomass Power Co generation Products
2. Equipments converting Waste to Energy
3. Bio Diesel

Clean Energy Programmes:

1. Equipments promoting Clean Energy

The equipments should be manufactured by the companies approved by Bureau of Indian Standards (BIS), as well as UNEP.

Eligibility:

Farmers, Rural Artisans, Salaried, business or Self Employed persons. Minimum net income of the applicant should be Rs. 50,000/- per annum.

Amount of loan:

90 % of cost of the system, maximum Rs. 50,000/-

Margin: 10 % in Bank’s favor.

Rate of Interest: We are providing consumer loans in general to borrowers for purchase of consumer durables and the interest rate charged is at BPLR i.e. 11.25 %.
The equipments / items that will be purchased under the scheme will be helpful in supporting ecological balance. Interest concession of 50 basis points for borrowers under the scheme will be available. The interest rate accordingly will be at BPLR – 0.50 % i.e. at present 10.75 %.

Repayment:

Repayment installment would be decided as per the income generation of the applicant. Total loan will be repayable within 5 years.

Security:

1. Hypothecation of the system to be purchased
2. One guarantor acceptable to the bank
3. Adequate insurance cover of the system / equipment

Others

Payment to be made directly to the dealers